Western Alliance Bank Provides $33 Million in Construction Financing for Marble Manor Phase I, Advancing Affordable Housing Redevelopment in Las Vegas
Western Alliance Bank has announced a significant investment in affordable housing with the provision of $33 million in construction financing for Marble Manor Phase I, a transformative mixed-income residential redevelopment project in Las Vegas, Nevada. The financing represents another milestone in the bank’s long-standing commitment to supporting community development and expanding access to affordable housing across the region.
Located less than two miles northwest of downtown Las Vegas in the city’s Historic Westside, Marble Manor Phase I is expected to bring 138 modern rental homes to an area undergoing extensive revitalization. The project is designed to serve families across a broad range of income levels while contributing to neighborhood renewal through the addition of retail space, supportive services, and modern residential infrastructure.
The development is the result of collaboration among public agencies, private developers, financial institutions, and nonprofit organizations, demonstrating how partnerships can address the growing demand for quality affordable housing in one of the nation’s fastest-growing metropolitan areas.
Western Alliance Bank Expands Affordable Housing Investment
Western Alliance Bank’s financing package will support the construction of the first phase of Marble Manor, laying the financial foundation for a development that aims to improve housing accessibility for working families and residents with varying income levels.
The financing includes a construction loan comprised of $31 million in tax-exempt bonds alongside $2 million in taxable bonds. In addition to the construction financing, the package also includes $19.46 million in tax-exempt permanent bonds that will help provide long-term financing once construction is completed.
The financing structure reflects the increasingly sophisticated funding models used for affordable housing developments across the United States. By combining tax-exempt and taxable financing instruments with permanent bond financing, the project is positioned to attract additional investment while ensuring long-term affordability for residents.
Western Alliance partnered with R4 Capital Funding on the transaction. Serving as the bank’s originations partner, R4 Capital Funding will also oversee construction and permanent asset management responsibilities while acting as the loan servicer throughout the project’s lifecycle.
This collaborative financing approach enables each participating organization to contribute specialized expertise, ensuring effective project execution while managing financial and operational risks.
Supporting Las Vegas Families Through Affordable Housing
Affordable housing remains one of the most pressing issues facing communities throughout the United States, including Southern Nevada. Rising home prices, increasing rental costs, and sustained population growth have created significant housing affordability challenges for many working families.
Western Alliance Bank views Marble Manor as an opportunity to help address these challenges while strengthening the surrounding community.
According to Mieke Holkeboer, Director of Affordable Housing Finance at Western Alliance Bank, the institution has maintained a long-standing relationship with the Las Vegas community and continues to prioritize investments that create meaningful social impact.
She emphasized that Marble Manor will provide rental housing options ranging from one-bedroom to five-bedroom homes, making the development suitable for individuals, couples, and larger families alike. By accommodating households across multiple income categories, the project is expected to create stable housing opportunities while supporting the continued growth of the surrounding neighborhood.
The bank’s investment aligns with its broader affordable housing strategy, which focuses on financing developments that combine economic sustainability with measurable community benefits.
Marble Manor Phase I: A Mixed-Income Community
Once completed, Marble Manor Phase I will deliver 138 family-oriented rental homes spread across five residential buildings.
The development has been carefully planned to provide a diverse mix of housing options capable of meeting varying family sizes and household needs. The residential community will include:
- One-bedroom apartments
- Two-bedroom apartments
- Three-bedroom apartments
- Four-bedroom apartments
- One five-bedroom family residence
This diverse housing mix ensures that the project can accommodate everyone from single residents to larger multigenerational families, reflecting the changing demographic needs of Las Vegas.
The development also embraces a mixed-income housing model, which has become an increasingly popular strategy for promoting inclusive communities while avoiding concentrations of poverty.
Under the current plan, 30 of the units will be offered at market-rate rents. The remaining 108 apartments will be reserved for households earning between 30 percent and 60 percent of the Area Median Income (AMI), making them affordable for lower-income working families.
By integrating affordable and market-rate housing within the same community, Marble Manor aims to foster economic diversity while creating opportunities for long-term neighborhood stability.
Beyond Housing: Retail and Community Services
Marble Manor is designed to offer more than residential housing alone.
The development will include approximately 3,000 square feet of ground-floor retail space, helping create commercial activity within the neighborhood while providing convenient amenities for residents.
Mixed-use developments such as Marble Manor often contribute to stronger local economies by encouraging small business growth, increasing pedestrian activity, and improving neighborhood accessibility.
Equally important are the supportive services that will be available on-site through the Southern Nevada Regional Housing Authority (SNRHA).
Supportive housing services play an increasingly important role in affordable housing developments by helping residents maintain housing stability while accessing programs that promote financial independence, education, workforce participation, and overall well-being.
Providing these services directly within the community can reduce barriers to access while improving long-term outcomes for families living in affordable housing.
Collaborative Development Partnership
The Marble Manor redevelopment brings together several experienced organizations with complementary expertise in affordable housing development.
Brinshore Development serves as one of the project’s co-developers. The company has built a national reputation for creating mixed-income residential communities that combine quality design with long-term affordability.
Working alongside Brinshore is the Southern Nevada Regional Housing Authority, which plays a central role in expanding affordable housing opportunities throughout Southern Nevada. The agency’s involvement helps ensure that the project aligns with regional housing priorities while addressing local community needs.
Construction responsibilities have been assigned to Metcalf Builders, an experienced contractor that will oversee the physical development of the project.
Together, these organizations form a development team capable of managing every stage of the project, from planning and financing to construction and long-term operations.
Tax Credit Equity Strengthens Project Financing
Affordable housing developments frequently rely on multiple funding sources to bridge financing gaps, and Marble Manor is no exception.
Enterprise Community Partners will serve as the project’s tax credit equity syndicator, contributing approximately $21.7 million in tax credit equity.
Tax credit equity has become one of the most important financing tools available for affordable housing developments across the United States. Through programs such as the Low-Income Housing Tax Credit (LIHTC), private investors provide capital in exchange for tax benefits, reducing the amount of conventional debt required to complete projects.
This financing mechanism enables developers to maintain lower rental rates while ensuring the long-term financial viability of affordable housing communities.
The participation of Enterprise Community Partners further strengthens the project’s financial foundation and supports its long-term affordability objectives.
Federal Support Through HUD’s Choice Neighborhoods Initiative
In addition to private financing and tax credit equity, Marble Manor also benefits from substantial federal support.
The redevelopment is backed by a $53 million Choice Neighborhoods Grant awarded by the U.S. Department of Housing and Urban Development (HUD).
The Choice Neighborhoods program is designed to transform distressed neighborhoods by replacing aging housing with high-quality mixed-income communities while investing in education, public safety, infrastructure, and neighborhood amenities.
Rather than focusing solely on residential construction, the program encourages comprehensive community revitalization by coordinating investments across multiple sectors.
For Marble Manor, the federal grant provides significant financial resources that complement private investment while helping ensure that redevelopment efforts deliver lasting economic and social benefits for Historic Westside residents.
Revitalizing Las Vegas’ Historic Westside
The Marble Manor redevelopment forms part of a broader effort to revitalize Las Vegas’ Historic Westside, one of the city’s most historically significant neighborhoods.
For many years, the area has faced challenges related to aging housing stock, limited investment, and changing economic conditions. Public and private stakeholders have increasingly focused on revitalization initiatives that preserve community identity while expanding housing opportunities and economic development.
Mixed-income housing developments such as Marble Manor contribute to these efforts by introducing modern residential options without abandoning affordability objectives.
The addition of retail space, supportive services, and updated infrastructure also helps create a more vibrant neighborhood capable of attracting additional investment over time.
As redevelopment progresses, projects like Marble Manor are expected to improve quality of life for current residents while supporting sustainable community growth.
Building on Long-Term Industry Partnerships
Western Alliance Bank also highlighted the importance of its ongoing relationships with development and financing partners involved in the project.
Philipp Smaczny, Senior Managing Director of Affordable Housing Finance at Western Alliance Bank, noted that Marble Manor represents continued investment in Las Vegas’ Historic Westside while expanding access to quality housing for local residents.
He also emphasized the bank’s long-standing partnerships with Brinshore Development, the Southern Nevada Regional Housing Authority, and R4 Capital Funding.
According to the bank, its collaboration with R4 Capital Funding has been particularly significant, with the two organizations partnering on more than $1.3 billion in affordable housing mortgage debt transactions to date.
These established relationships allow projects to move efficiently from planning through financing and construction while leveraging years of specialized experience in affordable housing development.
Addressing the Growing Demand for Affordable Housing
The Marble Manor redevelopment arrives at a time when affordable housing continues to rank among the most significant challenges facing communities throughout Nevada and across the country.
Population growth, inflation, higher construction costs, and limited housing inventory have increased pressure on housing markets, making quality affordable rental housing increasingly difficult to obtain for many households.
Developments like Marble Manor seek to address these challenges through innovative financing, public-private collaboration, and mixed-income community planning.
By combining construction financing, tax credit equity, federal grants, and long-term partnerships, the project demonstrates how multiple funding sources can work together to create sustainable housing solutions.
As Phase I moves toward construction, Marble Manor is expected to provide not only new homes but also expanded economic opportunities, neighborhood revitalization, and improved access to supportive services for hundreds of Las Vegas residents.
Western Alliance Bank’s $33 million financing commitment reinforces its broader mission of supporting community development while helping create housing opportunities that serve families across diverse income levels. Through partnerships with developers, housing authorities, nonprofit organizations, and government agencies, the Marble Manor redevelopment stands as an example of how collaborative investment can generate lasting benefits for both residents and the surrounding community.
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